Hyderabad, November 09: Insurance Regulatory Authority has proposed to abolish third party insurance for motor vehicles in A.P. It is proposed to abolish after consulting all the stake holders. Mr. J. Hari Narayan, Chairman of Regulatory Authority has informed that many insurance companies have been demanding to abolish it because it reduces their share of profit.
Four major companies of Motor vehicles have established their monopoly on this business. It is estimated that motor vehicle insurance business is likely to incur a loss of Rs. 3,500 crore during the current financial year.
——Siasat News